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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI ASIA MARKETS OPEN: Tsy Curves Reverse Course Ahead Wed CPI
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Helvetia: Results Don't Look Spread-Moving
Helvetia results missed on higher loss rates, especially in Germany. This doesn’t look to be a credit moving set of results and laterals are very limited as the company is one of the last to report. (HELN SW)
- Key credit metrics: SST (Swiss solvency) ratio is >280% at 1-Jan-24 (from 300% at Jun-23). S&P reaffirmed the A+ rating on 20-Mar-24, against a management target of A.
- Business volumes beat consensus (CHF11.3bn vs. 10.8 est.) but net income was lower y/y due to elevated natural catastrophe claims (a common theme this results season). The combined ratio missed. Net underlying income of CHF372.5m was a quarter lower than last year and missed consensus of CHF449.8bn quite significantly. The dividend of CHF6.3 is also below consensus (of 6.63).
- Outlook: this simply states that the group is well positioned. In fairness, volumes appear strong, but we’d hope for a better underwriting outturn. Group strategy is being reviewed to be presented at the CMD in December.
Conf call is 1000 London time at https://media.choruscall.eu/mediaframe/webcast.html?webcastid=I3fOruHw
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.